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Difference between revisions of "Introduction to Spousal Support"
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Introduction to Spousal Support (view source)
Revision as of 18:53, 11 February 2015
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Only spousal support payments that are paid on a periodic basis, once a month or once every two weeks for example; are actually paid; and, are paid because of a written agreement or a court order are taxable and deductible. Other kinds of support payments, such as payments made in one or more lump sums, payments to third parties (like a landlord) or payments in services, may not be taxable or deductible. It may be necessary to speak to a lawyer to confirm the tax status of spousal support payments. | Only spousal support payments that are paid on a periodic basis, once a month or once every two weeks for example; are actually paid; and, are paid because of a written agreement or a court order are taxable and deductible. Other kinds of support payments, such as payments made in one or more lump sums, payments to third parties (like a landlord) or payments in services, may not be taxable or deductible. It may be necessary to speak to a lawyer to confirm the tax status of spousal support payments. | ||
The tax consequences of support payments should be taken into account when determining the amount of support that should be paid. For more information on this, see script 133 on the “Income Tax Implications of Support Payments”. | The tax consequences of support payments should be taken into account when determining the amount of support that should be paid. For more information on this, see script [[Income Tax Implications of Support Payments (Script 133)|133]] on the “Income Tax Implications of Support Payments”. | ||
==How long is spousal support paid for?== | ==How long is spousal support paid for?== | ||
